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selfish for myself’</h1><div class="sc-1b197338-3 eAUloF"><div data-cy="article-author-and-date" class="sc-1b197338-4 kSuJSK"><div class="sc-1b197338-5 hVFrww"><div class="sc-cc7d6b4a-0 lNYKf article-info"><span class="sc-cc7d6b4a-2 gYLbUA by-text">BY</span><span class="sc-cc7d6b4a-3 jdpmmF list-item-wrapper"><a href="https://fortune.com/author/lila-maclellan/" target="_self" class="sc-93594058-0 caCSpL styled-custom-link " data-cy="by-line-author" rel="author" aria-label="Go to Lila MacLellan author's page">Lila MacLellan</a></span></div></div><div class="sc-1b197338-6 bGyoBg"></div></div><div class="sc-dd958c2-0 glqbtz"><div class="sc-dd958c2-2 fIciQk article-redesign"><div role="button" tabindex="0" aria-label="share-button"><svg class="share-icon" width="30" height="33" aria-hidden="true" viewBox="0 0 30 33" xmlns="http://www.w3.org/2000/svg"><path d="M25.1306 32.8766C23.843 32.8766 22.7402 32.4177 21.8224 31.4999C20.9046 30.5821 20.4457 29.4793 20.4457 28.1917C20.4457 27.9999 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50%;background-repeat:no-repeat;background-image:url("data:image/svg+xml;charset=utf-8,%3Csvg xmlns='http://www.w3.org/2000/svg' viewBox='0 0 768 512'%3E%3Cfilter id='b' color-interpolation-filters='sRGB'%3E%3CfeGaussianBlur stdDeviation='20'/%3E%3CfeColorMatrix values='1 0 0 0 0 0 1 0 0 0 0 0 1 0 0 0 0 0 100 -1' result='s'/%3E%3CfeFlood x='0' y='0' width='100%25' height='100%25'/%3E%3CfeComposite operator='out' in='s'/%3E%3CfeComposite in2='SourceGraphic'/%3E%3CfeGaussianBlur stdDeviation='20'/%3E%3C/filter%3E%3Cimage width='100%25' height='100%25' x='0' y='0' preserveAspectRatio='none' style='filter: url(%23b);' href='data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABCAYAAAAfFcSJAAAADUlEQVR42mO8fv1mPQAIHAMIsIR6agAAAABJRU5ErkJggg=='/%3E%3C/svg%3E")" sizes="100vw" srcSet="https://fortune.com/img-assets/wp-content/uploads/2024/11/crop-DT-STOCK-MARKET-INCREASE-1.jpg?w=320&q=75 320w, https://fortune.com/img-assets/wp-content/uploads/2024/11/crop-DT-STOCK-MARKET-INCREASE-1.jpg?w=384&q=75 384w, https://fortune.com/img-assets/wp-content/uploads/2024/11/crop-DT-STOCK-MARKET-INCREASE-1.jpg?w=480&q=75 480w, https://fortune.com/img-assets/wp-content/uploads/2024/11/crop-DT-STOCK-MARKET-INCREASE-1.jpg?w=576&q=75 576w, https://fortune.com/img-assets/wp-content/uploads/2024/11/crop-DT-STOCK-MARKET-INCREASE-1.jpg?w=768&q=75 768w, https://fortune.com/img-assets/wp-content/uploads/2024/11/crop-DT-STOCK-MARKET-INCREASE-1.jpg?w=1024&q=75 1024w, https://fortune.com/img-assets/wp-content/uploads/2024/11/crop-DT-STOCK-MARKET-INCREASE-1.jpg?w=1280&q=75 1280w, https://fortune.com/img-assets/wp-content/uploads/2024/11/crop-DT-STOCK-MARKET-INCREASE-1.jpg?w=1440&q=75 1440w" src="https://fortune.com/img-assets/wp-content/uploads/2024/11/crop-DT-STOCK-MARKET-INCREASE-1.jpg?w=1440&q=75"/><div data-cy="caption" class="sc-762dcccc-9 fbephs">Harvey Schein, the former head of Sony Corporation of America, in a new documentary.</div><div data-cy="credit" class="sc-762dcccc-10 ebMnGM">Courtesy of Shadowbox Films Inc.</div></div></div><div class="sc-9d11c37b-6 ccKQGH trinity-player"><div class="trinity-tts-pb" dir="ltr"></div></div><div class="sc-9d11c37b-1 gGsili"><div class="sc-9d11c37b-2 diFVtX"><div id="article-content" class="sc-9d11c37b-3 kZBgtU"><div><div data-cy="article-content" class="rawHtml-content-no-nativo"><p>Harvey Schein was once one of the most influential of globe-trotting Fortune 500 CEOs. </p><div class="paywall-selector"></div><div class="paywall"> <p>Darting between New York and Tokyo in the 1970s, he ran the American arm of <a href="https://fortune.com/company/sony-2/" target="_blank" class="sc-93594058-0 fowfrQ " aria-label="Go to https://fortune.com/company/sony-2/">Sony</a>, a brand that <a href="https://www.latimes.com/archives/la-xpm-1999-oct-04-mn-18561-story.html" target="_blank" class="sc-93594058-0 fowfrQ " aria-label="Go to https://www.latimes.com/archives/la-xpm-1999-oct-04-mn-18561-story.html" rel="noopener">revolutionized consumer technology</a> and helped kick off what became a new digital era. </p><div class="related-video-container hidden"><div class="sc-b2504c1d-0 dTxuPI"><div class="sc-c5bbce56-0 ipVLKc"></div><div class="sc-c5bbce56-0 gZwXGO video-placeholder"></div></div></div> <p>Schein <a href="https://www.nytimes.com/2008/05/15/technology/15schein.html" target="_blank" class="sc-93594058-0 fowfrQ " aria-label="Go to https://www.nytimes.com/2008/05/15/technology/15schein.html" rel="noopener">doubled Sony’s sales</a> in the U.S., making him one the industry’s most prominent leaders, until 1978, when Sony cofounder Akio Morita pushed him out for being too combative. </p> <p>That part of Schein’s career <a href="https://www.nytimes.com/2008/05/15/technology/15schein.html" target="_blank" class="sc-93594058-0 fowfrQ " aria-label="Go to https://www.nytimes.com/2008/05/15/technology/15schein.html" rel="noopener">has been documented</a> in magazine profiles and business books. But a new film by his director son, Justin Schein, illuminates his late father’s other battle, this one with the U.S. tax code.</p> <p>In <em>Death & Taxes</em>, viewers meet a retired Harvey Schein at home, obsessing over saving money and protecting the spoils of his investments from the IRS. The child of Eastern European Jewish immigrants, Schein grew up in a poor section of Brooklyn and inherited little when his parents passed. He wanted his legacy to be one of largesse. “It’s not that I’m selfish for myself,” he says at one point in the documentary. “It’s for you, your progeny, their progeny.”</p> <p>Schein sought to ensure that his kin would live comfortably after he died, but his fixation with living frugally and avoiding taxes caused heartache while he lived. “My mother bore the brunt of his anger and toughness,” Justin Schein tells <em>Fortune</em>. His father even insisted on moving with his wife to Florida for tax purposes, dismissing her deep objections. </p> <p>Schein’s story is animated by footage of family meetings and interviews his son captured in the two decades before Schein’s death, in 2008. The family tale becomes the vehicle for investigating the moral questions that shape the current debate about the so-called “death tax,” and the mindset of the mega-rich who believe high estate taxes are unAmerican. </p> <p>For the past several decades, successive Republican presidents <a href="https://itep.org/federal-estate-tax-historic-lows-2023/" target="_blank" class="sc-93594058-0 fowfrQ " aria-label="Go to https://itep.org/federal-estate-tax-historic-lows-2023/" rel="noopener">have raised</a> the minimum threshold at which the wealthy need to pay estate taxes, reduced the tax rate, or both. Democratic leaders have generally <a href="https://obamawhitehouse.archives.gov/blog/2016/08/03/closing-estate-tax-loophole-wealthiest-few-what-you-need-know" target="_blank" class="sc-93594058-0 fowfrQ " aria-label="Go to https://obamawhitehouse.archives.gov/blog/2016/08/03/closing-estate-tax-loophole-wealthiest-few-what-you-need-know" rel="noopener">done the opposite</a>, seeing estate taxes as a means to chip away at wealth concentration at the top of the socioeconomic ladder.</p> <p>Today, the <a href="https://crsreports.congress.gov/product/pdf/R/R48183" target="_blank" class="sc-93594058-0 fowfrQ " aria-label="Go to https://crsreports.congress.gov/product/pdf/R/R48183" rel="noopener">estate tax in the U.S. is 40%</a> and only applies to estates worth at least $13.6 million per individual. That’s more than double the individual exemption, $5.6 million, that was allowed before former president Donald Trump took office in 2017. (The figure is adjusted for inflation annually.) </p> <p>Trump effectively cut the estate tax for thousands of extremely wealthy U.S. families when his administration enacted the Tax Code and Jobs Act, a set of policies<a href="https://tax.thomsonreuters.com/blog/what-to-know-about-tcja-expiration/" target="_blank" class="sc-93594058-0 fowfrQ " aria-label="Go to https://tax.thomsonreuters.com/blog/what-to-know-about-tcja-expiration/" rel="noopener"> set to expire</a> early next year. With Trump returning to office, and with a Republican-controlled Congress, economists expect his tax code to be extended, though it’s also possible that Republicans will <a href="https://www.cnbc.com/2024/01/19/house-republicans-reintroduce-bill-to-repeal-death-tax.html" target="_blank" class="sc-93594058-0 fowfrQ " aria-label="Go to https://www.cnbc.com/2024/01/19/house-republicans-reintroduce-bill-to-repeal-death-tax.html" rel="noopener">repeal the estate tax</a> entirely. By comparison, in her failed run for the presidency, Vice President Kamala Harris said she supported a tax plan<a href="https://www.ubs.com/content/dam/assets/wma/static/documents/insight-into-kamala-harriss-tax-policy-reforms.pdf?gv6=0f77a240-dbc8-4d5d-9245-406be151630f" target="_blank" class="sc-93594058-0 fowfrQ " aria-label="Go to https://www.ubs.com/content/dam/assets/wma/static/documents/insight-into-kamala-harriss-tax-policy-reforms.pdf?gv6=0f77a240-dbc8-4d5d-9245-406be151630f" rel="noopener"> overhaul</a> that would have seen the exemption lowered to $3.5 million, thereby implicating thousands of additional people. </p> <p>Justin Schein, known for <em><a href="https://www.leftonpurpose.com/" target="_blank" class="sc-93594058-0 fowfrQ " aria-label="Go to https://www.leftonpurpose.com/" rel="noopener">Left on Purpose</a></em> and <em><a href="http://No Impact Man: The Documentary (2009) IMDb https://www.imdb.com › title" target="_self" class="sc-93594058-0 fowfrQ " aria-label="Go to http://No Impact Man: The Documentary (2009) IMDb https://www.imdb.com › title">No Impact Man</a></em>, and as the cinematographer for <a href="https://cripcamp.com/" target="_blank" class="sc-93594058-0 fowfrQ " aria-label="Go to https://cripcamp.com/" rel="noopener"><em>Crip Camp</em></a>, a <a href="https://fortune.com/company/netflix/" target="_blank" class="sc-93594058-0 fowfrQ " aria-label="Go to https://fortune.com/company/netflix/">Netflix</a> documentary executive produced by Barack and Michelle Obama, sides with the left on tax issues. Over the years, he argued about the social impact of avoiding taxes with his father, even as his father’s wealth allowed him to be a filmmaker, a point raised by his father in old footage and by others interviewed on camera. </p> <div class="wp-block-image" style="margin:auto;max-width:960px"><img alt="" loading="lazy" width="960" height="640" decoding="async" data-nimg="1" style="color:transparent;height:auto;object-fit:cover;width:100%;background-size:cover;background-position:50% 50%;background-repeat:no-repeat;background-image:url("data:image/svg+xml;charset=utf-8,%3Csvg xmlns='http://www.w3.org/2000/svg' viewBox='0 0 960 640'%3E%3Cfilter id='b' color-interpolation-filters='sRGB'%3E%3CfeGaussianBlur stdDeviation='20'/%3E%3CfeColorMatrix values='1 0 0 0 0 0 1 0 0 0 0 0 1 0 0 0 0 0 100 -1' result='s'/%3E%3CfeFlood x='0' y='0' width='100%25' height='100%25'/%3E%3CfeComposite operator='out' in='s'/%3E%3CfeComposite in2='SourceGraphic'/%3E%3CfeGaussianBlur stdDeviation='20'/%3E%3C/filter%3E%3Cimage width='100%25' height='100%25' x='0' y='0' preserveAspectRatio='none' style='filter: url(%23b);' href='data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABCAYAAAAfFcSJAAAADUlEQVR42mO8fv1mPQAIHAMIsIR6agAAAABJRU5ErkJggg=='/%3E%3C/svg%3E")" sizes="100vw" srcSet="https://fortune.com/img-assets/wp-content/uploads/2024/11/crop-DT-FAMILY-PHOTO-2.jpg?w=320&q=75 320w, https://fortune.com/img-assets/wp-content/uploads/2024/11/crop-DT-FAMILY-PHOTO-2.jpg?w=384&q=75 384w, https://fortune.com/img-assets/wp-content/uploads/2024/11/crop-DT-FAMILY-PHOTO-2.jpg?w=480&q=75 480w, https://fortune.com/img-assets/wp-content/uploads/2024/11/crop-DT-FAMILY-PHOTO-2.jpg?w=576&q=75 576w, https://fortune.com/img-assets/wp-content/uploads/2024/11/crop-DT-FAMILY-PHOTO-2.jpg?w=768&q=75 768w, https://fortune.com/img-assets/wp-content/uploads/2024/11/crop-DT-FAMILY-PHOTO-2.jpg?w=1024&q=75 1024w, https://fortune.com/img-assets/wp-content/uploads/2024/11/crop-DT-FAMILY-PHOTO-2.jpg?w=1280&q=75 1280w, https://fortune.com/img-assets/wp-content/uploads/2024/11/crop-DT-FAMILY-PHOTO-2.jpg?w=1440&q=75 1440w" src="https://fortune.com/img-assets/wp-content/uploads/2024/11/crop-DT-FAMILY-PHOTO-2.jpg?w=1440&q=75"/><figcaption>Harvey Schein, top left, with his wife Joy and his sons Mark (left) and Justin. Havry Schein died in 2008. </figcaption><div class="image-credit">Courtesy of Shadowbox Film Inc.</div></div> <p>Schein the documentarian is careful to explore all perspectives of the estate tax issue. He talks to Grover Norquist, president of Americans for Tax Reform, a libertarian taxpayer advocacy group, Darrick Hamilton, professor of economics and urban policy at The New School, Amy Hanauer, executive director of the Institute on Taxation and Economic Policy, and others. Through these conversations, which are deftly woven into his family’s personal narrative, the filmmaker unpacks persistent myths about estate taxes (it’s not a form of <a href="https://www.cbpp.org/sites/default/files/archive/6-17-05tax.pdf" target="_blank" class="sc-93594058-0 fowfrQ " aria-label="Go to https://www.cbpp.org/sites/default/files/archive/6-17-05tax.pdf" rel="noopener">double taxation</a>, for instance) and illustrates the role that tax benefits and loopholes have played in creating a <a href="https://www.brookings.edu/articles/closing-the-racial-wealth-gap-requires-heavy-progressive-taxation-of-wealth/#:~:text=Taxes%20on%20estates%20or%20inheritance,and%20household%20structure.%E2%80%9D%20Higher%20top" target="_blank" class="sc-93594058-0 fowfrQ " aria-label="Go to https://www.brookings.edu/articles/closing-the-racial-wealth-gap-requires-heavy-progressive-taxation-of-wealth/#:~:text=Taxes%20on%20estates%20or%20inheritance,and%20household%20structure.%E2%80%9D%20Higher%20top" rel="noopener">racial wealth gap</a>, while still humanizing people who shared his father’s take. </p> <p>“These issues are bigger than the politics of the moment,” Schein tells <em>Fortune</em>. His father’s rags-to-riches story begins with an education paid for by the GI bill, which predominantly <a href="https://www.history.com/news/gi-bill-black-wwii-veterans-benefits" target="_blank" class="sc-93594058-0 fowfrQ " aria-label="Go to https://www.history.com/news/gi-bill-black-wwii-veterans-benefits" rel="noopener">benefitted white American</a>s. “He is such a great representative of his point of view, and he lived it, and he deserves everything he earned,” Schein says. But the question now, he continues, is whether having the ability to dodge taxes prevents others from experiencing the same kind of economic progress. </p><div data-cy="nativoTout"></div> <p>The movie is timely not only as lawmakers look ahead to revisiting Trump’s tax code, but also because of shifting American demographics. The U.S. is entering a period that’s expected to see <a href="https://www.nytimes.com/2023/05/14/business/economy/wealth-generations.html" target="_blank" class="sc-93594058-0 fowfrQ " aria-label="Go to https://www.nytimes.com/2023/05/14/business/economy/wealth-generations.html" rel="noopener">the largest wealth transfer </a>between generations in the country’s history. </p> <p>That’s cause for concern for Robert Reich, professor of public policy at the University of California at Berkeley who Schein interviews early in the film. </p> <p>“If more and more wealth can be accumulated and provided to heirs without ever paying any taxes, then we are on the way to a permanent aristocracy in America,” he says.<br/></p> <p><em>Death & Taxes</em> is available online at <a href="https://www.docnyc.net/film/death-taxes/" target="_blank" class="sc-93594058-0 fowfrQ " aria-label="Go to https://www.docnyc.net/film/death-taxes/" rel="noopener">NYC Docs</a> until Dec. 1, and is set to screen at film festivals. See <a href="https://www.deathandtaxesfilm.com/" target="_blank" class="sc-93594058-0 fowfrQ " aria-label="Go to https://www.deathandtaxesfilm.com/" rel="noopener">the movie’s site</a> for more. </p> <p><em>Editor’s note: A previous version of this story misidentified Darrick Hamilton, professor of economics and urban policy at The New School. </em></p></div><div class="sc-30bdb254-0 kxagCu article" data-cy="subscriptionPlea"><b>How many degrees of separation are you from the globe's most powerful business leaders? </b>Explore who made our brand-new list of the <a href="https://fortune.com/ranking/most-powerful-people/?&itm_source=fortune&itm_medium=article_tout" target="_self" class="sc-93594058-0 fowfrQ " aria-label="Go to https://fortune.com/ranking/most-powerful-people/?&itm_source=fortune&itm_medium=article_tout">100 Most Powerful People in Business</a>. 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Lori Chavez-DeRemer, R-Ore., accompanied by Majority Whip Rep. Tom Emmer, R-Minn., left, and House Majority Leader Rep. 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Rogelberg</a></span></div><time data-cy="postDate" class="sc-e3c4bc02-3 jhrdrf date"></time></div></div></div></li><li class="sc-6cf2855c-2 lmrGQL content-wrapper"><span class="sc-6cf2855c-5 gngcCZ time-ago-wrapper">0 minutes ago</span><div class="sc-e3c4bc02-0 dvEGRk content"><div class="sc-e3c4bc02-1 dcxLXD card"><img alt="" loading="lazy" width="735" height="490" decoding="async" data-nimg="1" class="card-image" style="color:transparent;height:auto;object-fit:cover;width:100%;background-size:cover;background-position:50% 50%;background-repeat:no-repeat;background-image:url("data:image/svg+xml;charset=utf-8,%3Csvg xmlns='http://www.w3.org/2000/svg' viewBox='0 0 735 490'%3E%3Cfilter id='b' color-interpolation-filters='sRGB'%3E%3CfeGaussianBlur stdDeviation='20'/%3E%3CfeColorMatrix values='1 0 0 0 0 0 1 0 0 0 0 0 1 0 0 0 0 0 100 -1' result='s'/%3E%3CfeFlood x='0' y='0' width='100%25' height='100%25'/%3E%3CfeComposite operator='out' in='s'/%3E%3CfeComposite 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data-cy="postTitle" aria-label="Go to full article The key to a long life is avoiding the ‘poisonous 5 P’s,’ says one of the world’s top anti-aging experts">The key to a long life is avoiding the ‘poisonous 5 P’s,’ says one of the world’s top anti-aging experts</a></h2><div data-cy="postAuthors" class="sc-2f1a523b-0 biIOBr card-info-wrapper"><div class="sc-cc7d6b4a-0 lNYKf author-list"><span class="sc-cc7d6b4a-2 gYLbUA by-text">BY</span><span class="sc-cc7d6b4a-3 jdpmmF list-item-wrapper"><a href="https://fortune.com/author/alexa-mikhail" target="_self" class="sc-93594058-0 caCSpL styled-custom-link " data-cy="by-line-author" rel="author" aria-label="Go to Alexa Mikhail author's page">Alexa Mikhail</a></span></div><time data-cy="postDate" class="sc-e3c4bc02-3 jhrdrf date"></time></div></div></div></li><li class="sc-6cf2855c-2 lmrGQL content-wrapper"><span class="sc-6cf2855c-5 gngcCZ time-ago-wrapper">0 minutes ago</span><div class="sc-e3c4bc02-0 dvEGRk content"><div 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iXmUiL list-item-seperator">, and others</span></div><time data-cy="postDate" class="sc-e3c4bc02-3 jhrdrf date"></time></div></div></div></li><li class="sc-6cf2855c-2 lmrGQL content-wrapper"><span class="sc-6cf2855c-5 gngcCZ time-ago-wrapper">0 minutes ago</span><div class="sc-e3c4bc02-0 dvEGRk content"><div class="sc-e3c4bc02-1 dcxLXD card"><img alt="" loading="lazy" width="735" height="490" decoding="async" data-nimg="1" class="card-image" style="color:transparent;height:auto;object-fit:cover;width:100%;background-size:cover;background-position:50% 50%;background-repeat:no-repeat;background-image:url("data:image/svg+xml;charset=utf-8,%3Csvg xmlns='http://www.w3.org/2000/svg' viewBox='0 0 735 490'%3E%3Cfilter id='b' color-interpolation-filters='sRGB'%3E%3CfeGaussianBlur stdDeviation='20'/%3E%3CfeColorMatrix values='1 0 0 0 0 0 1 0 0 0 0 0 1 0 0 0 0 0 100 -1' result='s'/%3E%3CfeFlood x='0' y='0' width='100%25' height='100%25'/%3E%3CfeComposite operator='out' in='s'/%3E%3CfeComposite 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MacLellan","sameAs":"","type":"Person","uri":"/author/lila-maclellan/","url":"https://fortune.com/author/lila-maclellan/","role":"","funFactHeader":"","funFactValue":"","social":{"instaUrl":"","linkedinUrl":"https://www.linkedin.com/in/lila-maclellan-979b408/","twitterUrl":"","__typename":"AuthorSocialUrlsFields"},"shortIntro":"","__typename":"Co-authors"}],"breadcrumbs":{"items":[]},"bypassPaywall":{"postBypassLinkEnabled":"1","postBypassLinkUnique":"lmm123"},"canonicalUrl":null,"channel":"Leadership","content":"\u003cp\u003eHarvey Schein was once one of the most influential of globe-trotting Fortune 500 CEOs.\u0026nbsp;\u003c/p\u003e\u003cdiv class=\"paywall-selector\"\u003e\u003c/div\u003e\u003cdiv class=\"paywall\"\u003e\n\n\n\n\u003cp\u003eDarting between New York and Tokyo in the 1970s, he ran the American arm of \u003ca href=\"https://fortune.com/company/sony-2/\" target=\"_blank\"\u003eSony\u003c/a\u003e, a brand that \u003ca href=\"https://www.latimes.com/archives/la-xpm-1999-oct-04-mn-18561-story.html\"\u003erevolutionized consumer technology\u003c/a\u003e and helped kick off what became a new digital era.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eSchein \u003ca href=\"https://www.nytimes.com/2008/05/15/technology/15schein.html\"\u003edoubled Sony’s sales\u003c/a\u003e in the U.S., making him one the industry’s most prominent leaders, until 1978, when Sony cofounder Akio Morita pushed him out for being too combative.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eThat part of Schein’s career \u003ca href=\"https://www.nytimes.com/2008/05/15/technology/15schein.html\"\u003ehas been documented\u003c/a\u003e in magazine profiles and business books. But a new film by his director son, Justin Schein, illuminates his late father’s other battle, this one with the U.S. tax code.\u003c/p\u003e\n\n\n\n\u003cp\u003eIn \u003cem\u003eDeath \u0026amp; Taxes\u003c/em\u003e, viewers meet a retired Harvey Schein at home, obsessing over saving money and protecting the spoils of his investments from the IRS. The child of Eastern European Jewish immigrants, Schein grew up in a poor section of Brooklyn and inherited little when his parents passed. He wanted his legacy to be one of largesse. “It’s not that I’m selfish for myself,” he says at one point in the documentary. “It’s for you, your progeny, their progeny.”\u003c/p\u003e\n\n\n\n\u003cp\u003eSchein sought to ensure that his kin would live comfortably after he died, but his fixation with living frugally and avoiding taxes caused heartache while he lived. “My mother bore the brunt of his anger and toughness,” Justin Schein tells \u003cem\u003eFortune\u003c/em\u003e.\u0026nbsp; His father even insisted on moving with his wife to Florida for tax purposes, dismissing her deep objections.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eSchein’s story is animated by footage of family meetings and interviews his son captured in the two decades before Schein’s death, in 2008. The family tale becomes the vehicle for investigating the moral questions that shape the current debate about the so-called “death tax,” and the mindset of the mega-rich who believe high estate taxes are unAmerican.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eFor the past several decades, successive Republican presidents \u003ca href=\"https://itep.org/federal-estate-tax-historic-lows-2023/\"\u003ehave raised\u003c/a\u003e the minimum threshold at which the wealthy need to pay estate taxes, reduced the tax rate, or both. Democratic leaders have generally \u003ca href=\"https://obamawhitehouse.archives.gov/blog/2016/08/03/closing-estate-tax-loophole-wealthiest-few-what-you-need-know\"\u003edone the opposite\u003c/a\u003e, seeing estate taxes as a means to chip away at wealth concentration at the top of the socioeconomic ladder.\u003c/p\u003e\n\n\n\n\u003cp\u003eToday, the \u003ca href=\"https://crsreports.congress.gov/product/pdf/R/R48183\"\u003eestate tax in the U.S. is 40%\u003c/a\u003e and only applies to estates worth at least $13.6 million per individual. That’s more than double the individual exemption, $5.6 million, that was allowed before former president Donald Trump took office in 2017. (The figure is adjusted for inflation annually.)\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eTrump effectively cut the estate tax for thousands of extremely wealthy U.S. families when his administration enacted the Tax Code and Jobs Act, a set of policies\u003ca href=\"https://tax.thomsonreuters.com/blog/what-to-know-about-tcja-expiration/\"\u003e set to expire\u003c/a\u003e early next year. With Trump returning to office, and with a Republican-controlled Congress, economists expect his tax code to be extended, though it’s also possible that Republicans will \u003ca href=\"https://www.cnbc.com/2024/01/19/house-republicans-reintroduce-bill-to-repeal-death-tax.html\"\u003erepeal the estate tax\u003c/a\u003e entirely. By comparison, in her failed run for the presidency, Vice President Kamala Harris said she supported a tax plan\u003ca href=\"https://www.ubs.com/content/dam/assets/wma/static/documents/insight-into-kamala-harriss-tax-policy-reforms.pdf?gv6=0f77a240-dbc8-4d5d-9245-406be151630f\"\u003e overhaul\u003c/a\u003e that would have seen the exemption lowered to $3.5 million, thereby implicating thousands of additional people.\u0026nbsp;\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eJustin Schein, known for \u003cem\u003e\u003ca href=\"https://www.leftonpurpose.com/\"\u003eLeft on Purpose\u003c/a\u003e\u003c/em\u003e and \u003cem\u003e\u003ca href=\"http://No Impact Man: The Documentary (2009) IMDb https://www.imdb.com › title\"\u003eNo Impact Man\u003c/a\u003e\u003c/em\u003e, and as the cinematographer for \u003ca href=\"https://cripcamp.com/\"\u003e\u003cem\u003eCrip Camp\u003c/em\u003e\u003c/a\u003e, a \u003ca href=\"https://fortune.com/company/netflix/\" target=\"_blank\"\u003eNetflix\u003c/a\u003e documentary executive produced by Barack and Michelle Obama, sides with the left on tax issues. Over the years, he argued about the social impact of avoiding taxes with his father, even as his father’s wealth allowed him to be a filmmaker, a point raised by his father in old footage and by others interviewed on camera. \u003c/p\u003e\n\n\n\u003cfigure class=\"wp-block-image size-large\"\u003e\u003cimg loading=\"lazy\" decoding=\"async\" data-src=\"https://fortune.com/img-assets/wp-content/uploads/2024/11/crop-DT-FAMILY-PHOTO-2.jpg?w=960\u0026#038;h=640\" alt=\"\" class=\"lazyload wp-image-4079216\" src=\"https://fortune.com/img-assets/wp-content/uploads/2024/11/crop-DT-FAMILY-PHOTO-2.jpg?w=960\u0026#038;h=640\" width=\"960\" height=\"640\" original-width=\"960\" original-height=\"640\"\u003e\u003cfigcaption\u003eHarvey Schein, top left, with his wife Joy and his sons Mark (left) and Justin. Havry Schein died in 2008. \u003c/figcaption\u003e\u003cdiv class=\"image-credit\"\u003eCourtesy of Shadowbox Film Inc.\u003c/div\u003e\u003c/figure\u003e\n\n\n\n\u003cp\u003eSchein the documentarian is careful to explore all perspectives of the estate tax issue. He talks to Grover Norquist, president of Americans for Tax Reform, a libertarian taxpayer advocacy group, Darrick Hamilton, professor of economics and urban policy at The New School, Amy Hanauer, executive director of the Institute on Taxation and Economic Policy, and others. Through these conversations, which are deftly woven into his family’s personal narrative, the filmmaker unpacks persistent myths about estate taxes (it’s not a form of \u003ca href=\"https://www.cbpp.org/sites/default/files/archive/6-17-05tax.pdf\"\u003edouble taxation\u003c/a\u003e, for instance) and illustrates the role that tax benefits and loopholes have played in creating a \u003ca href=\"https://www.brookings.edu/articles/closing-the-racial-wealth-gap-requires-heavy-progressive-taxation-of-wealth/#:~:text=Taxes%20on%20estates%20or%20inheritance,and%20household%20structure.%E2%80%9D%20Higher%20top\"\u003eracial wealth gap\u003c/a\u003e, while still humanizing people who shared his father’s take. \u003c/p\u003e\n\n\n\n\u003cp\u003e“These issues are bigger than the politics of the moment,” Schein tells \u003cem\u003eFortune\u003c/em\u003e. His father’s rags-to-riches story begins with an education paid for by the GI bill, which predominantly \u003ca href=\"https://www.history.com/news/gi-bill-black-wwii-veterans-benefits\"\u003ebenefitted white American\u003c/a\u003es. “He is such a great representative of his point of view, and he lived it, and he deserves everything he earned,” Schein says. But the question now, he continues, is whether having the ability to dodge taxes prevents others from experiencing the same kind of economic progress.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eThe movie is timely not only as lawmakers look ahead to revisiting Trump’s tax code, but also because of shifting American demographics. The U.S. is entering a period that’s expected to see \u003ca href=\"https://www.nytimes.com/2023/05/14/business/economy/wealth-generations.html\"\u003ethe largest wealth transfer \u003c/a\u003ebetween generations in the country’s history.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eThat’s cause for concern for Robert Reich, professor of public policy at the University of California at Berkeley who Schein interviews early in the film.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003e“If more and more wealth can be accumulated and provided to heirs without ever paying any taxes, then we are on the way to a permanent aristocracy in America,” he says.\u003cbr\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cem\u003eDeath \u0026amp; Taxes\u003c/em\u003e is available online at \u003ca href=\"https://www.docnyc.net/film/death-taxes/\"\u003eNYC Docs\u003c/a\u003e until Dec. 1, and is set to screen at film festivals. See \u003ca href=\"https://www.deathandtaxesfilm.com/\"\u003ethe movie’s site\u003c/a\u003e for more.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cem\u003eEditor\u0026#8217;s note: A previous version of this story misidentified Darrick Hamilton, professor of economics and urban policy at The New School. \u003c/em\u003e\u003c/p\u003e\u003c/div\u003e","databaseId":4079058,"dateGmt":"2024-11-23T09:00:00","dek":"","description":"Harvey Schien's years-long pursuit of lower taxes is memorialized in a new film from his son.","faq":[],"featuredMediaType":"image","floatingNavContent":"","floatingNavTitle":"","footnotes":null,"id":"cG9zdDo0MDc5MDU4","image":"https://fortune.com/img-assets/wp-content/uploads/2024/11/crop-DT-STOCK-MARKET-INCREASE-1.jpg?resize=1200,600","imageCaption":"Harvey Schein, the former head of Sony Corporation of America, in a new documentary.","imageCredit":"Courtesy of Shadowbox Films Inc.","keywords":"","link":"https://fortune.com/2024/11/23/fortune-500-ceo-pursuit-lower-taxes-harvey-schien-documentary-death-and-taxes/","metaTitle":"Fortune 500 CEO's estate tax obsession explored in new film","modifiedGmt":"2024-11-23T18:13:35","pageType":"article","platformCD":"own","postId":4079058,"postSettings":{"postSettingsDek":null,"enableSubscriptionPlea":true,"subscriptionPleaDesign":"with-bottom-border","subscriptionPleaPosition":null,"subscriptionPleaTextLined":"\u003cb\u003eHow many degrees of separation are you from the globe's most powerful business leaders? \u003c/b\u003eExplore who made our brand-new list of the \u003ca href=\"https://fortune.com/ranking/most-powerful-people/?\u0026itm_source=fortune\u0026itm_medium=article_tout\"\u003e100 Most Powerful People in Business\u003c/a\u003e. Plus, learn about the metrics we used to make it.","bylineCommentary":null,"mediaItem":{"altText":"Photo illustration combining a photo of Harvey Schien holding a baby and a stock chart","caption":"A still from Death \u0026 Taxes, directed by Justin Schein 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most influential of globe-trotting Fortune 500 CEOs.\u0026nbsp;\u003c/p\u003e\u003cdiv class=\"paywall-selector\"\u003e\u003c/div\u003e\u003cdiv class=\"paywall\"\u003e\n\n\n\n\u003cp\u003eDarting between New York and Tokyo in the 1970s, he ran the American arm of \u003ca href=\"https://fortune.com/company/sony-2/\" target=\"_blank\"\u003eSony\u003c/a\u003e, a brand that \u003ca href=\"https://www.latimes.com/archives/la-xpm-1999-oct-04-mn-18561-story.html\"\u003erevolutionized consumer technology\u003c/a\u003e and helped kick off what became a new digital era.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eSchein \u003ca href=\"https://www.nytimes.com/2008/05/15/technology/15schein.html\"\u003edoubled Sony’s sales\u003c/a\u003e in the U.S., making him one the industry’s most prominent leaders, until 1978, when Sony cofounder Akio Morita pushed him out for being too combative.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eThat part of Schein’s career \u003ca href=\"https://www.nytimes.com/2008/05/15/technology/15schein.html\"\u003ehas been documented\u003c/a\u003e in magazine profiles and business books. But a new film by his director son, Justin Schein, illuminates his late father’s other battle, this one with the U.S. tax code.\u003c/p\u003e\n\n\n\n\u003cp\u003eIn \u003cem\u003eDeath \u0026amp; Taxes\u003c/em\u003e, viewers meet a retired Harvey Schein at home, obsessing over saving money and protecting the spoils of his investments from the IRS. The child of Eastern European Jewish immigrants, Schein grew up in a poor section of Brooklyn and inherited little when his parents passed. He wanted his legacy to be one of largesse. “It’s not that I’m selfish for myself,” he says at one point in the documentary. “It’s for you, your progeny, their progeny.”\u003c/p\u003e\n\n\n\n\u003cp\u003eSchein sought to ensure that his kin would live comfortably after he died, but his fixation with living frugally and avoiding taxes caused heartache while he lived. “My mother bore the brunt of his anger and toughness,” Justin Schein tells \u003cem\u003eFortune\u003c/em\u003e.\u0026nbsp; His father even insisted on moving with his wife to Florida for tax purposes, dismissing her deep objections.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eSchein’s story is animated by footage of family meetings and interviews his son captured in the two decades before Schein’s death, in 2008. The family tale becomes the vehicle for investigating the moral questions that shape the current debate about the so-called “death tax,” and the mindset of the mega-rich who believe high estate taxes are unAmerican.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eFor the past several decades, successive Republican presidents \u003ca href=\"https://itep.org/federal-estate-tax-historic-lows-2023/\"\u003ehave raised\u003c/a\u003e the minimum threshold at which the wealthy need to pay estate taxes, reduced the tax rate, or both. Democratic leaders have generally \u003ca href=\"https://obamawhitehouse.archives.gov/blog/2016/08/03/closing-estate-tax-loophole-wealthiest-few-what-you-need-know\"\u003edone the opposite\u003c/a\u003e, seeing estate taxes as a means to chip away at wealth concentration at the top of the socioeconomic ladder.\u003c/p\u003e\n\n\n\n\u003cp\u003eToday, the \u003ca href=\"https://crsreports.congress.gov/product/pdf/R/R48183\"\u003eestate tax in the U.S. is 40%\u003c/a\u003e and only applies to estates worth at least $13.6 million per individual. That’s more than double the individual exemption, $5.6 million, that was allowed before former president Donald Trump took office in 2017. (The figure is adjusted for inflation annually.)\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eTrump effectively cut the estate tax for thousands of extremely wealthy U.S. families when his administration enacted the Tax Code and Jobs Act, a set of policies\u003ca href=\"https://tax.thomsonreuters.com/blog/what-to-know-about-tcja-expiration/\"\u003e set to expire\u003c/a\u003e early next year. With Trump returning to office, and with a Republican-controlled Congress, economists expect his tax code to be extended, though it’s also possible that Republicans will \u003ca href=\"https://www.cnbc.com/2024/01/19/house-republicans-reintroduce-bill-to-repeal-death-tax.html\"\u003erepeal the estate tax\u003c/a\u003e entirely. By comparison, in her failed run for the presidency, Vice President Kamala Harris said she supported a tax plan\u003ca href=\"https://www.ubs.com/content/dam/assets/wma/static/documents/insight-into-kamala-harriss-tax-policy-reforms.pdf?gv6=0f77a240-dbc8-4d5d-9245-406be151630f\"\u003e overhaul\u003c/a\u003e that would have seen the exemption lowered to $3.5 million, thereby implicating thousands of additional people.\u0026nbsp;\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eJustin Schein, known for \u003cem\u003e\u003ca href=\"https://www.leftonpurpose.com/\"\u003eLeft on Purpose\u003c/a\u003e\u003c/em\u003e and \u003cem\u003e\u003ca href=\"http://No Impact Man: The Documentary (2009) IMDb https://www.imdb.com › title\"\u003eNo Impact Man\u003c/a\u003e\u003c/em\u003e, and as the cinematographer for \u003ca href=\"https://cripcamp.com/\"\u003e\u003cem\u003eCrip Camp\u003c/em\u003e\u003c/a\u003e, a \u003ca href=\"https://fortune.com/company/netflix/\" target=\"_blank\"\u003eNetflix\u003c/a\u003e documentary executive produced by Barack and Michelle Obama, sides with the left on tax issues. Over the years, he argued about the social impact of avoiding taxes with his father, even as his father’s wealth allowed him to be a filmmaker, a point raised by his father in old footage and by others interviewed on camera. \u003c/p\u003e\n\n\n\u003cfigure class=\"wp-block-image size-large\"\u003e\u003cimg loading=\"lazy\" decoding=\"async\" data-src=\"https://fortune.com/img-assets/wp-content/uploads/2024/11/crop-DT-FAMILY-PHOTO-2.jpg?w=960\u0026#038;h=640\" alt=\"\" class=\"lazyload wp-image-4079216\" src=\"https://fortune.com/img-assets/wp-content/uploads/2024/11/crop-DT-FAMILY-PHOTO-2.jpg?w=960\u0026#038;h=640\" width=\"960\" height=\"640\" original-width=\"960\" original-height=\"640\"\u003e\u003cfigcaption\u003eHarvey Schein, top left, with his wife Joy and his sons Mark (left) and Justin. Havry Schein died in 2008. \u003c/figcaption\u003e\u003cdiv class=\"image-credit\"\u003eCourtesy of Shadowbox Film Inc.\u003c/div\u003e\u003c/figure\u003e\n\n\n\n\u003cp\u003eSchein the documentarian is careful to explore all perspectives of the estate tax issue. He talks to Grover Norquist, president of Americans for Tax Reform, a libertarian taxpayer advocacy group, Darrick Hamilton, professor of economics and urban policy at The New School, Amy Hanauer, executive director of the Institute on Taxation and Economic Policy, and others. Through these conversations, which are deftly woven into his family’s personal narrative, the filmmaker unpacks persistent myths about estate taxes (it’s not a form of \u003ca href=\"https://www.cbpp.org/sites/default/files/archive/6-17-05tax.pdf\"\u003edouble taxation\u003c/a\u003e, for instance) and illustrates the role that tax benefits and loopholes have played in creating a \u003ca href=\"https://www.brookings.edu/articles/closing-the-racial-wealth-gap-requires-heavy-progressive-taxation-of-wealth/#:~:text=Taxes%20on%20estates%20or%20inheritance,and%20household%20structure.%E2%80%9D%20Higher%20top\"\u003eracial wealth gap\u003c/a\u003e, while still humanizing people who shared his father’s take. \u003c/p\u003e\n\n\n\n\u003cp\u003e“These issues are bigger than the politics of the moment,” Schein tells \u003cem\u003eFortune\u003c/em\u003e. His father’s rags-to-riches story begins with an education paid for by the GI bill, which predominantly \u003ca href=\"https://www.history.com/news/gi-bill-black-wwii-veterans-benefits\"\u003ebenefitted white American\u003c/a\u003es. “He is such a great representative of his point of view, and he lived it, and he deserves everything he earned,” Schein says. But the question now, he continues, is whether having the ability to dodge taxes prevents others from experiencing the same kind of economic progress.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eThe movie is timely not only as lawmakers look ahead to revisiting Trump’s tax code, but also because of shifting American demographics. The U.S. is entering a period that’s expected to see \u003ca href=\"https://www.nytimes.com/2023/05/14/business/economy/wealth-generations.html\"\u003ethe largest wealth transfer \u003c/a\u003ebetween generations in the country’s history.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eThat’s cause for concern for Robert Reich, professor of public policy at the University of California at Berkeley who Schein interviews early in the film.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003e“If more and more wealth can be accumulated and provided to heirs without ever paying any taxes, then we are on the way to a permanent aristocracy in America,” he says.\u003cbr\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cem\u003eDeath \u0026amp; Taxes\u003c/em\u003e is available online at \u003ca href=\"https://www.docnyc.net/film/death-taxes/\"\u003eNYC Docs\u003c/a\u003e until Dec. 1, and is set to screen at film festivals. See \u003ca href=\"https://www.deathandtaxesfilm.com/\"\u003ethe movie’s site\u003c/a\u003e for more.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cem\u003eEditor\u0026#8217;s note: A previous version of this story misidentified Darrick Hamilton, professor of economics and urban policy at The New School. \u003c/em\u003e\u003c/p\u003e\u003c/div\u003e","databaseId":4079058,"dateGmt":"2024-11-23T09:00:00","dek":"","description":"Harvey Schien's years-long pursuit of lower taxes is memorialized in a new film from his son.","faq":[],"featuredMediaType":"image","floatingNavContent":"","floatingNavTitle":"","footnotes":null,"id":"cG9zdDo0MDc5MDU4","image":"https://fortune.com/img-assets/wp-content/uploads/2024/11/crop-DT-STOCK-MARKET-INCREASE-1.jpg?resize=1200,600","imageCaption":"Harvey Schein, the former head of Sony Corporation of America, in a new documentary.","imageCredit":"Courtesy of Shadowbox Films Inc.","keywords":"","link":"https://fortune.com/2024/11/23/fortune-500-ceo-pursuit-lower-taxes-harvey-schien-documentary-death-and-taxes/","metaTitle":"Fortune 500 CEO's estate tax obsession explored in new film","modifiedGmt":"2024-11-23T18:13:35","pageType":"article","platformCD":"own","postId":4079058,"postSettings":{"postSettingsDek":null,"enableSubscriptionPlea":true,"subscriptionPleaDesign":"with-bottom-border","subscriptionPleaPosition":null,"subscriptionPleaTextLined":"\u003cb\u003eHow many degrees of separation are you from the globe's most powerful business leaders? \u003c/b\u003eExplore who made our brand-new list of the \u003ca href=\"https://fortune.com/ranking/most-powerful-people/?\u0026itm_source=fortune\u0026itm_medium=article_tout\"\u003e100 Most Powerful People in Business\u003c/a\u003e. 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